Does this property take dogs?--
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What i need to rent?--
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That is correct. Section 1: Escrow [7CFR 3550.60] Chapter 7: ESCROW TAXES AND INSURANCE reads: â€œThe borrower's monthly installment includes not only the amount due for principal and interest, but also 1/12 of the anticipated amount required for taxes, insurance, other assessments for the year, plus a cushion as authorized by RESPA.â€
In other words, the bank wants to make sure your property taxes are paid. So they collect an estimated amount of those taxes every month, and at the end of the year they pay the taxes for you and any excess escrow will be returned to you. This way the escrow gives the bank peace of mind that all taxes will get paid.... more